NATO won't be finished so long as they see Russia as a threat.
You misread this, Europe/EU sees Russia as a threat, this administration does not, in fact in its illiberal nature, they are closer to Putin than they are against him. For the US, Europe is not as important anymore as the Pacific or even the middle east with the Oil.
Btw, this is part of the play being made for Venezuela's Oil. Venezuela has larger oil reserves than Saudi Arabia(Granted Saudi light crude is still the gold standard in terms of ease of extraction and quality), he is playing the "Donroe Doctrine" game where essentially the US will try to be more neighborhood focused and Pacific focused and potnetially be less reliant on the middle east. This is creating a lot of shifts in the region. The Zionist lobby is still very strong, so they will try to keep a US presence in the region, but some of the Trump people in the administration want to shift focus to the western hemisphere with North America and South America. This is why he is also willing to take over Greenland, b/c Europe matters less.
If the Transatlantic framework breaks down, what will replace it is a Eurocentric approach with a Security Architecture set up via the EU. But this presents problems for Turkey because even if Turkey wishes to be in this setup, and many States favor Turkish involvement(Germany, Poland, Romania, Baltics), the Greeks with their own personal beef will freeze Turkey out due to their own personal grievances(You see this already happening with Turkey not allowed access to EU defense funds and allowed to sell weapons to EU states paid for by EU money). They would rather see Turkey treated like Russia. This is akin to Turkey trying to join NATO when Greece is already inside, it worked in the past b/c Turkey and Greece joined together, but that formula no longer works, especially with both Greece and Cyprus. So even if the Greeks stand down, the Greek Cypriots are more hostile and will block. Its not a coincidence that Turkey which was making real progress into the EU even with a reluctant Greece, didn't get blocked by Greece, but once Cyprus was allowed in(without settling the Cypriot issue), all progress stopped.
In that setup(Hypothetical Post NATO), Turkey is on its own, with Greeks inside an EU framework with the French Nuclear Umbrella, Russia/Belarus on the other side with a Nuclear option and Turkey on its own without a Nuclear Umbrella. And add to that, Israel with a Nuke and Israel creating a trilateral alliance with the Greeks and Southern Cyprus.
In that scenario, Turkey is left on its own without a nuclear umbrella, and without allies. So this hedging is for that specific scenario, Where the 3 major Sunni States work on a strategic partnership, due to converging interests.
